MATELAN Research - ISRA VISION AG

ISRA VISION In-Depth Report
PROFIT & LOSS ACCOUNT
EURm 2008 2009 2010 2011e 2012e 2013e 2014e 2015e
Sales 68.3 58.2 64.8 74.9 82.4 87.3 92.6 98.1
Growth 33.1% n.m. 11.5% 15.5% 10.0% 6.0% 6.0% 6.0%
Change invent. / intern. prod. assets 8.0 7.7 7.9 8.0 9.1 8.7 9.4 10.1
Total Output 76.3 65.9 72.8 82.9 91.5 96.1 101.9 108.2
Growth 30.3% n.m. 10.5% 13.9% 10.4% 5.0% 6.1% 6.1%
Cost of goods sold -32.0 -27.8 -30.2 -33.6 -37.3 -39.2 -41.1 -43.3
Gross profit 44.3 38.1 42.6 49.3 54.2 56.9 60.9 64.9
Gross-margin 58.0% 57.8% 58.6% 59.4% 59.2% 59.2% 59.7% 60.0%
Sales expenses -10.8 -10.0 -11.3 -12.7 -13.5 -14.2 -15.1 -16.0
Research and development expenses -10.8 -10.2 -11.0 -12.5 -13.3 -13.6 -14.4 -15.1
General and administrative expenses -4.3 -3.7 -3.8 -3.7 -4.1 -4.1 -4.3 -4.3
Other operating result 0.3 1.0 1.1 0.5 0.5 0.5 0.5 0.5
EBITDA 18.6 15.2 17.7 20.8 23.7 25.4 27.6 30.0
EBITDA-margin 24.4% 23.0% 24.3% 25.1% 25.9% 26.4% 27.1% 27.7%
Amortisation and Depreciation -5.7 -5.9 -6.2 -7.0 -7.3 -7.6 -8.1 -8.5
EBIT 12.9 9.3 11.5 13.8 16.4 17.8 19.6 21.4
EBIT-margin 16.9% 14.1% 15.8% 16.7% 17.9% 18.5% 19.2% 19.8%
Interest result -1.6 -1.0 -0.9 -0.9 -0.9 -0.8 -0.8 -0.8
Participation result 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other financial result 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Financial result -1.6 -1.0 -0.9 -0.8 -0.9 -0.8 -0.8 -0.8
Extraordinary result 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBT 11.3 8.3 10.6 13.0 15.5 16.9 18.7 20.6
Income taxes -3.3 -1.8 -3.6 -4.0 -4.8 -5.2 -5.8 -6.4
Discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net profit 8.0 6.4 7.0 9.0 10.7 11.7 12.9 14.2
Growth 44.2% -19.7% 9.1% 28.1% 19.3% 9.1% 10.8% 9.9%
Minorities -0.4 0.0 -0.1 0.0 0.0 -0.1 -0.1 -0.1
Net profit after minorities 7.6 6.5 6.9 8.9 10.7 11.6 12.9 14.2
Average no. of shares (m) 4.3 4.3 4.3 4.3 4.3 4.3 4.3 4.3
EPS (EUR) 1.76 1.52 1.62 2.06 2.46 2.68 2.97 3.27
Growth 48.8% -13.5% 6.4% 27.5% 19.3% 9.1% 10.8% 9.9%
Adj. EPS (EUR) 1.76 1.52 1.62 2.06 2.46 2.68 2.97 3.27
Growth 48.8% n.m. 6.4% 27.5% 19.3% 9.1% 10.8% 9.9%
DPS (EUR) 0.15 0.15 0.20 0.21 0.22 0.23 0.24 0.26
Payout Ratio 8.5% 9.9% 12.4% 10.2% 9.0% 8.6% 8.2% 7.8%
BALANCE SHEET
0001
EURm 2008 2009 2010 2011e 2012e 2013e 2014e 2015e
Intangible assets 69.7 71.5 80.4 83.5 85.3 86.5 87.8 89.3
thereof goodwill 38.7 37.6 37.3 39.4 39.4 39.4 39.4 39.4
Tangible assets 2.6 2.7 2.8 3.4 4.1 4.8 5.5 6.3
Financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other fixed assets 3.3 4.5 5.3 5.3 5.3 5.3 5.3 5.3
Fixed assets 75.6 78.6 88.5 92.2 94.7 96.5 98.6 100.9
Inventories 17.2 15.1 14.1 15.7 17.3 18.2 19.3 20.4
Accounts receivable 37.8 37.1 46.9 50.2 55.4 58.2 61.7 65.5
Cash and marketable securities 12.5 7.2 8.0 5.0 3.9 4.8 5.3 7.2
Other current assets 6.5 3.8 3.4 3.4 3.4 3.4 3.4 3.4
Current assets 74.1 63.2 72.5 74.3 80.0 84.6 89.7 96.6
TOTAL ASSETS 149.7 141.8 160.9 166.5 174.7 181.1 188.3 197.5
Subscribed capital 4.3 4.4 4.4 4.4 4.4 4.4 4.4 4.4
Reserves 37.2 37.8 38.1 38.1 38.1 38.1 38.1 38.1
Other equity capital 33.0 38.2 45.0 53.3 63.4 74.4 86.7 100.3
Minorities 1.2 0.8 0.8 0.8 0.8 0.8 0.8 0.8
Shareholder's equity 75.7 81.2 88.3 96.6 106.6 117.7 129.9 143.5
Equity ratio 50.6% 57.3% 54.8% 58.0% 61.0% 65.0% 69.0% 72.7%
Short term financial liabilities 13.5 2.2 10.7 9.2 7.8 6.7 5.8 4.9
Long term financial liabilities 24.9 26.9 23.8 22.3 20.6 15.6 10.7 5.7
Financial liabilities 38.4 29.2 34.5 31.4 28.5 22.4 16.4 10.6
Gearing 50.7% 35.9% 39.1% 32.5% 26.7% 19.0% 12.6% 7.4%
Pension and similar provisions 1.8 1.8 1.9 2.2 2.4 2.5 2.7 2.8
Other provisions 1.2 0.8 0.8 0.8 0.8 0.8 0.8 0.8
Provisions 3.0 2.6 2.6 2.9 3.2 3.3 3.4 3.6
Accounts payable 8.3 5.3 7.1 8.9 9.8 10.3 10.9 11.6
Advances received 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Trade liabilities 8.3 5.3 7.1 8.9 9.8 10.3 10.9 11.6
Other liabilities 24.4 23.5 28.5 26.7 26.7 27.6 27.6 28.2
TOTAL LIABILITIES 149.7 141.8 160.9 166.5 174.7 181.1 188.3 197.5
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